FG Begins Implementation of CBN’s N250bn Gas Expansion Fund

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236b00f5 cbn

•Targets 3m jobs

•Absence of cars for conversion, high gas price hurting autogas initiative

By Ndubuisi Francis in Abuja and Peter Uzoho in Lagos

The federal government has commenced the implementation of the Central Bank of Nigeria’s (CBN) N250 billion intervention fund for the National Gas Expansion Programme (NGEP), which is expected to create about three million direct and indirect jobs.

However, findings by THISDAY has revealed that the federal government’s plan to enthrone an alternative energy regime in the country through its autogas policy may be heading for failure owing to apathy now observed among the petroleum products marketers towards the initiative.

The intervention facility for the NGEP, which is targeted at stimulating finance to the critical sector and motivate investment in the gas value chain being funded by the apex bank, the Permanent Secretary, Ministry of Petroleum Resources, Mr. Bitrus Nabasu, disclosed at…



Source: Thisday Newspaper